Agree Realty Corp (ADC) Financial Statements
Industry: Real Estate Investment Trusts
In fiscal 2025, Agree Realty reported revenue of $718.4M, up 16.4% from $617.1M the year before. Net income was $204.3M (a 28.4% net margin), or $1.77 per diluted share. Gross margin was 46.6% and operating margin was 47.4%. Operating activities generated $504.1M of cash. At fiscal year end, Agree Realty held $9.80B in total assets against $3.53B in total liabilities, including $16.3M of cash and equivalents.
Open the full interactive Agree Realty financials → Quarterly statements, key ratios, valuation history and price charts.
Agree Realty Key Stats
| Share Price | $65.41 |
|---|---|
| Market Cap | $7.88B |
| P/E Ratio | 37.0 |
| Revenue YoY Growth | +16.4% |
| 52-Week Range | $65.03 – $80.23 |
| Shares Outstanding | 120.0 million (basic, 2026 Q2) |
Agree Realty Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $248.6M | $339.3M | $429.8M | $537.5M | $617.1M | $718.4M |
| Cost of Goods Sold | $123.4M | $164.2M | $217.0M | $285.0M | $326.3M | $383.4M |
| Gross Profit | $125.1M | $175.2M | $212.8M | $252.5M | $290.8M | $335.0M |
| Operating Income | $125.1M | $190.3M | $218.1M | $254.4M | $302.2M | $340.4M |
| Pre-Tax Income | $92.5M | $124.7M | $155.3M | $172.9M | $193.5M | $206.1M |
| Income Tax | $1.1M | $2.4M | $2.9M | $2.9M | $4.3M | $1.7M |
| Net Income | $91.4M | $122.3M | $152.4M | $170.0M | $189.2M | $204.3M |
| Diluted EPS | $1.74 | $1.78 | $1.83 | $1.70 | $1.78 | $1.77 |
Agree Realty Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $183.2M | $190.5M | $200.8M | $205.1M |
| Net Income | $52.1M | $56.0M | $62.1M | $54.7M |
| Diluted EPS | $0.45 | $0.50 | $0.50 | $0.44 |
Agree Realty Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.1M | $43.3M | $27.8M | $10.9M | $6.4M | $16.3M |
| Total Assets | $3.89B | $5.23B | $6.71B | $7.77B | $8.49B | $9.80B |
| Total Long-Term Debt | $1.23B | $1.69B | $1.94B | $2.41B | $2.79B | $2.97B |
| Total Liabilities | $1.36B | $1.81B | $2.08B | $2.57B | $2.98B | $3.53B |
| Shareholders' Equity | $2.52B | $3.42B | $4.63B | $5.20B | $5.51B | $6.27B |
Agree Realty Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $143.0M | $246.3M | $362.1M | $391.6M | $432.0M | $504.1M |
| Cash From Investing | -$1.30B | -$1.39B | -$1.62B | -$1.27B | -$885.4M | -$1.54B |
| Cash From Financing | $1.12B | $1.18B | $1.24B | $869.0M | $445.3M | $1.05B |
| Free Cash Flow | -$1.17B | -$1.14B | -$1.24B | -$808.4M | -$442.5M | — |
Figures from Agree Realty's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Agree Realty financials page for every line item.
Agree Realty Company Profile
| Ticker | ADC |
|---|---|
| Exchange | NYSE |
| Industry | Real Estate Investment Trusts |
| Headquarters | Royal Oak, Michigan |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000917251 |
Frequently Asked Questions
What was Agree Realty's revenue in fiscal 2025?
Agree Realty (ADC) reported revenue of $718.4M for fiscal 2025.
What is Agree Realty's annual revenue history?
Agree Realty's annual revenue by fiscal year: 2020: $248.6M; 2021: $339.3M; 2022: $429.8M; 2023: $537.5M; 2024: $617.1M; 2025: $718.4M.
What was Agree Realty's net income in fiscal 2025?
Agree Realty reported net income of $204.3M for fiscal 2025.
What was Agree Realty's earnings per share (EPS) in fiscal 2025?
Agree Realty's diluted EPS was $1.77 for fiscal 2025 (adjusted for any later stock splits).
What was Agree Realty's revenue last quarter?
In its most recent reported quarter (2026 Q2), Agree Realty reported revenue of $205.1M.
How much debt does Agree Realty have?
Agree Realty reported $2.97B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Agree Realty are outstanding?
Agree Realty reported a weighted average of 120.0 million basic shares outstanding in 2026 Q2.
What is Agree Realty's market cap?
Based on its latest closing price, Agree Realty (ADC) has a market capitalization of about $7.88B.
When does Agree Realty's fiscal year end?
Agree Realty's fiscal year end, as registered with the SEC, is December 31.
Where is Agree Realty headquartered?
Agree Realty lists its business address in Royal Oak, Michigan in its SEC filings.